IMAGE RESOURCES NL — Major Shareholding Notification 2018

May 8, 2018

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Image Resources NL ACN/ARSN 063 977 579 1. Details of substantial holder(1) Name Murray Zircon Pty Ltd (“Murray Zircon”) together with Orient Zirconic Resources (Australia) Pty Ltd (“OZR”), Guangdong Orient Zirconic Ind. Sci. Tech. Co. Ltd. (“Guangdong”) and XQ (HK) Enterprises Limited (“XQ (HK)”) ACN/ARSN (if applicable) 147 048 744 There was a change in the interests of the substantial shareholder on 28 March 2018 The previous notice was given to the company on 22 February 2017 The previous notice was dated 22 February 2017

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities(4)	Previous notice	Previous notice	Present notice	Present notice
	Person’svotes	Voting power(5)	Person’svotes	Voting power(5)
Ordinary	221,996,685	41.29%	230,885,574	26.81%
3.Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevantinterest changed	Nature of change(6)	Consideration givenin relation to change(7)	Class and numberof securitiesaffected	Person’s votesaffected
28 March 2018	MZ and each of OZR,Guangdong and XQ.	Dilution in totalnumber of ordinaryshares on issuefollowing completionof share placement	N/A	Ordinary -156,703,542	MZ and each ofOZR,Guangdongand XQ.
28 March 2018	OZR and Guangdong	Dilution in totalnumber of ordinaryshares on issuefollowing completionofshare placement	N/A	Ordinary –51,761,950	OZRandGuangdong
1 August 2017	XQ (HK)	Acquisition of sharespursuant to shareplacement.	$800,000	Ordinary –8,888,889	XQ (HK)
28 March 2018	XQ (HK)	Dilutionintotalnumber of ordinarysharesonissuefollowing completionof share placement	N/A	Ordinary –13,531,193	XQ (HK)

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4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevantinterestMurray ZirconOZRandGuangdongXQ(HK)	Registered holder ofsecuritiesMurray ZirconOZRXQ(HK)	Person entitled to beregistered as holder(8)Murray ZirconOZRXQ(HK)	Nature of relevantinterest (6)HolderHolderHolder	Class and number ofsecuritiesOrdinary –156,703,542Ordinary –51,761,950Ordinary –22,420,082	Person’s votes156,703,54251,761,95022,420,082

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name andACN/ARSN(ifapplicable)-6.Addresses	Nature ofassociation**N/A **
NameMurrayZircon PtyLtdXQ (HK) Enterprises LimitedOrient Zirconic Resources (Australia)PtyLtd	AddressUnit27,Level 4, 55 Gawler Place,Adelaide SA5000Room 1005, 10/F Tower 1, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East Hong Kong, HongKong
	Unit 27, Level 4, 55 Gawler Place, Adelaide SA 5000
Guangdong Orient Zirconic Ind. Sci.Tech Co. Ltd.	Guangdong Province, Lai Mei Road, Chenghai area in Shantou City, Uda Technology Park

Signature

Print name FEI WU capacity Director Sign here date 9 / 05 / 2018

3458-0557-5940v1Form 604